The rules of brand building have objectively changed as experience has become central to success for brands and for the marketers who manage them. Today, brands grow by making people’s lives better and in the process fulfilling their brand promises to the customers.
When you think about some of the big brands in the world, such as Apple, Netflix, and Nike, what do they have in common? Aside from enthusiastic fan bases, these brands have a few other things in common: They’re instantly recognizable, have giant footprints, and have a lot of brand equity.
Brand equity is a marketing term that refers to the brand value determined by the customer’s experiences and perceptions. You may be wondering if brand equity matters, well brands want equity because it yields consumer loyalty and therefore translates to sales and profit. Which is the end goal for every brand.
To build brand equity, you have to start with consumers.
It is recommended you focus mainly on the customer’s agenda; what is it that they want out of the brand? In knowing this, you can then highlight the ways in which the brand you’re marketing can help the customer achieve their goals.
Design and implement a continuous feedback and measurement system at the intersection of customer, brand and business objectives: You know your OKRs, but have you defined customer OKRs?
Besides enabling real-time support, brands must also pay more attention to personalization. To achieve a high degree of personalization, you may use analytics to know your customer’s behaviour and communicate with them proactively.
In conclusion, since brand equity is rooted in customer experience and perception, building it is like building human relationships. Communication is essential from the first initial encounter and throughout every touchpoint.Next Story